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Privatization of PSM: Sindh govt asks Centre to provide details of assets for taking a decision

KARACHI (Jan 5): The privatization of Pakistan Steel Mills has finally drawn the attention of Sindh government but it is reluctant to take any decision to acquire the mills without going through the details of its assets and balance sheet.

Provincial Minister for Finance & Energy Syed Murad Ali Shah responding to the letter of Chairman Privatization Commission of Pakistan Mr Mohammad Zubair which he had addressed to Sindh Chief MInister Syed Qaim Ali Shah, has categorically said that the Sindh government had never approached the federal government for acquiring the strategic asset of Pakistan Steel Mills.

Mr Murad Ali Shah further says in his letter to the chairman privatisation commission dispatched today that the offer made by the Privatisation commission could not be considered in the absence of adequate information. He requests the federal government to help the Sindh government in making a fair decision by providing necessary information of the assets.

The PSM’s necessary information as requested by the Sindh Minister for Finance & Energy includes balance sheet and financial statement for last five years, details list of assets of the mills, any transaction structure developed by federal government for PSM’s privatisation highlighting the government of Pakistan’s commitment to make the transaction viable for buyer. Any strategy paper revealing in detail the nature of intervention the federal government intends to carry out for making this deal acceptable for the buyer; any tax policy which envisaged to make the revival of the PSM attractive for the buyer and any plan for revival of operation of PSM.

Mr Murad Shah has also drawn the attention of the federal government towards the Supreme Court of Pakistan’s Constitution and Civil petitions wherein the supreme court had observed that it would be in order if the matter (Privatisation of PSM) is referred to the council of Common interests for consideration.

He has also urged the federal government to share the information with the Sindh government if it has taken this matter to CCI, if yes then what decision was taken there.